SBP Reserves Hit 5-Month Low, Fall Below $7 Billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $136 million on a weekly basis according to data issued by the central bank on Thursday. On December 15, the foreign currency reserves held by the SBP were recorded at $6.905 billion, down $136 million compared to $7.041 billion on December 8. In a statement, the central bank said the decrease in reserves was due to debt repayments. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.068 billion, down $138 million over the previous week. The net reserves held by banks stood at $5.164 billion, registering a decrease of $2 million during the week. This is the first time since July 14 that the reserves held by the central bank have fallen below the $7 billion mark.